AES Corp (AES) Holdings Reduced by Pinebridge Investments L.P.
Pinebridge Investments L.P. lowered its stake in AES Corp (NYSE:AES) by 5.2% during the second quarter, Holdings Channel reports. The institutional investor owned 647,094 shares of the utilities provider’s stock after selling 35,257 shares during the quarter. Pinebridge Investments L.P.’s holdings in AES were worth $8,678,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of AES. WBI Investments Inc. acquired a new position in AES in the second quarter valued at about $40,420,000. Hexavest Inc. purchased a new stake in AES during the second quarter worth about $36,387,000. Bank of Montreal Can increased its stake in AES by 69.7% during the second quarter. Bank of Montreal Can now owns 4,072,594 shares of the utilities provider’s stock worth $54,614,000 after purchasing an additional 1,672,483 shares during the period. The Manufacturers Life Insurance Company increased its stake in AES by 209.6% during the first quarter. The Manufacturers Life Insurance Company now owns 1,918,267 shares of the utilities provider’s stock worth $21,810,000 after purchasing an additional 1,298,686 shares during the period. Finally, Summit Trail Advisors LLC increased its stake in AES by 1,206.6% during the first quarter. Summit Trail Advisors LLC now owns 1,251,110 shares of the utilities provider’s stock worth $1,251,000 after purchasing an additional 1,155,354 shares during the period. 94.35% of the stock is currently owned by institutional investors.
AES stock opened at $14.01 on Friday. The company has a debt-to-equity ratio of 3.24, a quick ratio of 1.18 and a current ratio of 1.32. AES Corp has a fifty-two week low of $9.86 and a fifty-two week high of $14.11. The company has a market cap of $9.26 billion, a P/E ratio of 12.97, a PEG ratio of 1.44 and a beta of 1.17.
The company also recently announced a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Friday, August 3rd were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, August 2nd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.71%. AES’s payout ratio is 48.15%.
A number of brokerages have issued reports on AES. Bank of America lowered shares of AES from a “neutral” rating to an “underperform” rating and set a $12.50 price target on the stock. in a research note on Monday, July 2nd. UBS Group boosted their price target on shares of AES from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 20th. Zacks Investment Research lowered shares of AES from a “hold” rating to a “sell” rating in a research note on Tuesday, July 10th. Morgan Stanley began coverage on shares of AES in a research note on Friday, April 27th. They set a “weight” rating and a $13.50 price target on the stock. Finally, ValuEngine upgraded shares of AES from a “hold” rating to a “buy” rating in a research note on Friday, April 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $13.00.
The AES Corporation operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The company also owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.
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